Patsfanin Philly

I'm posting this here for two reasons, one it is of a political nature and secondly this board has discussed, dissected and evaluated the causes of the economic crisis of 2008. There is an HBO movie that was on last night (11PM-1:45AM so yes I am dragging today) that is more of a docudrama inter splicing real video with actors portraying events as detailed in a book on the crisis. It is extremely well done and portrays certain characters better than they have been in the mainstream media, among them Hank Paulsen , The Sec Treasury and Tim Geithner who was then Head of the NY Federal Reserve.
If you get a chance watch it...It doesn't preach but it's message is pretty powerful and details how close we came to an economic meltdown.......

scout

I recorded for viewing when I saw the trailer. What a cast! I really don't like when Hollywood messes with history, so hopefully they controlled their artistic license.

Gainzo

I'm going to watch it tomorrow. I think we can all agree that the Wall Street meltdown wasn't a political happening. It was pure greed and some of the people involved should be in prison right now.

The Brandon Five

I'd settle for "broke". Bailouts suck.

DarrylS

I was taught by the right that Barney Frank did it?? You mean that Wall Street did bad things and nothing happened to them???

I DVR'ed it..

__________________
"Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.

The Brandon Five

Or to Barney. We all lose here.

Titus Pullo

Anticipating this for months, I saw it Monday night when it debuted, DVRing the Bruins instead.

Unfortunately, just like Sorkin's book, the film was far too kind to Paulson, and the rest of his lackey's from Goldman Sachs who made/make up the Treasury Dept.

It's interesting that, at one point, they attempted to make "the Nine" even bigger, by merging them into pairs in a desperate ploy to stabilize things. Of course, their individual egos wouldn't let them agree to it, and so "the Nine" got the capital injections, and proceeded to NOT lend out the money anyway.

Crooks and liars, every one of them. Should all be in jail in any self-respecting, honest democracy not completely coerced by Wall St. Unfortunately, this country sold its soul to lower Manhattan a loooooooooooooooooooooooong time ago.

Yay!!! Deregulation for everyone!! ... we are Rome.

Titus Pullo

oh, also... for anyone maintaining a soft spot for Paulson and "Government Sachs":

The Fed Does It Again: $80 Billion Secretive "Bank Subsidy" Program Uncovered, Providing Bank Loans At 0.01% Interest
The Fed Does It Again: $80 Billion Secretive "Bank Subsidy" Program Uncovered, Providing Bank Loans At 0.01% Interest | zero hedge

The Fed does it again. Following consistent allegations that the Federal Reserve operates in an opaque world, whose each and every action has only had a purpose of serving its Wall Street masters, led to repeated lawsuits which went so far as to get the Chairsatan to promise he would be more transparent, Bloomberg's Bob Ivry breaks news that between March and December 2008 the Fed operated a previously undisclosed lending program, whose terms were nothing short of a subsidy to banks. Says Ivry: "The $80 billion initiative, called single-tranche open- market operations, or ST OMO, made 28-day loans from March through December 2008, a period in which confidence in global credit markets collapsed after the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc. Units of 20 banks were required to bid at auctions for the cash. They paid interest rates as low as 0.01 percent that December, when the Fed’s main lending facility charged 0.5 percent." 0.01% interest is also known by one other name: "outright subsidy." It doesn't get any freer than that: 0.01% interest on one month cash. Just how close to a complete implosion was the financial system if 0.5% interest seemed too high? Not surprisingly, this program was widely used: "Credit Suisse Group AG, Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public...Goldman Sachs, led by Chief Executive Officer Lloyd C. Blankfein, tapped the program most in December 2008, when data on the New York Fed website show the loans were least expensive. The lowest winning bid at an ST OMO auction declined to 0.01 percent on Dec. 30, 2008, New York Fed data show. At the time, the rate charged at the discount window was 0.5 percent." Yes, that Goldman Sachs. The same one that perjured itself when it said before the FCIC that it only used de minimis emergency borrowings. Just how many more top secret taxpayer subsidies will emerge were being used by the Fed to keep the kleptocratic status quo in charge?

PatriotsReign

Exactly why the Fed should be eliminated from the face of the earth by any and all means possible...I believe the process has begun!

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"No one walking this earth knows what is truly righteous"

The Brandon Five

There is a special place in hell for the whole lot.